By Matthew Miller BEIJING (Reuters) - The online payment affiliate of China's biggest e-commerce company Alibaba Group Ltd will be restructured to attract new strategic investors, in a move that will reduce the shareholding of Alibaba's founder Jack Ma in the affiliate. Zhejiang Alibaba E-Commerce Co Ltd will be restructured as a new company in which 60 percent of its shares will be offered to new strategic investors, Lucy Peng, head of the restructured entity, said in a letter published on its official Weibo microblog account on Friday. Ma will see his shareholding reduced from 80 percent to about 7 percent in the new company, or no greater than his shareholding in Alibaba Group, according to the letter. The restructured company, to be known as Alibaba Small and Micro Financial Services Group, will hold Zhejiang Alibaba's 100 percent stake in unit Alipay, as well as its shareholding in Alibaba's micro-finance unit, Zhongan Insurance, and Tianhong Asset Management Co. Alipay is China's biggest third-party payment platform, providing payment solutions to 460,000 merchants, and with 800 million registered accounts.
via Tech News Headlines - Yahoo! News http://news.yahoo.com/alibaba-restructures-alipays-parent-jack-mas-share-reduced-074020733--sector.html
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